KINGCLEAN(SH:603355) Shenwan Hongyuan Securities·2025-04-28 14:13Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's Q1 2025 revenue reached 2.387 billion yuan, a year-on-year increase of 3%, while the net profit attributable to the parent company was 228 million yuan, a year-on-year decrease of 16% [7] - The company is successfully expanding its new business, with significant growth in its core component business and a reduction in the proportion of low-margin OEM business [7] - The company is enhancing its overseas manufacturing capabilities to mitigate trade friction, with new production bases in Vietnam and Thailand expected to be operational in 2025 [7] - The profit forecast for the company remains stable, with expected net profits of 1.338 billion yuan, 1.441 billion yuan, and 1.551 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 8.7%, 7.7%, and 7.7% [7] Financial Data and Earnings Forecast - Total revenue for 2025 is projected at 10.691 billion yuan, with a year-on-year growth rate of 9.5% [6] - The gross profit margin is expected to be 24.5% in 2025, with a return on equity (ROE) of 24% [6] - The earnings per share (EPS) is forecasted to be 2.33 yuan for 2025, with a price-to-earnings (P/E) ratio of 10 [6]